Pershing Square Capital Management Portfolio holdings
Pershing Square Capital Management, L.P., founded in 2004 by Bill Ackman and headquartered in New York City, is a prominent American hedge fund known for its concentrated, activist investment approach, managing over $18 billion in assets as of recent years. Starting with $54 million from Ackman’s personal funds and a seed investment from Leucadia National, the firm focuses on acquiring significant stakes in a small portfolio of large-cap North American companies, often pushing for operational and governance changes to unlock shareholder value, as seen in high-profile campaigns targeting Wendy’s, McDonald’s, and Herbalife. In 2014, Ackman launched Pershing Square Holdings, a closed-end fund listed on Euronext Amsterdam and the London Stock Exchange, raising $3 billion in its IPO, providing a permanent capital base to support its long-term strategies. Renowned for bold moves—like a $2.6 billion profit betting on a market crash in 2020—and a research-intensive, value-driven philosophy, Pershing Square has solidified its reputation as a formidable player in the investment world under Ackman’s leadership.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$151M |
| 2 |
Howard Hughes
HHH
|
+$44.5M |
| 3 |
Hilton Worldwide
HLT
|
+$4.81M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lowe's Companies
LOW
|
+$534M |
| 2 |
Chipotle Mexican Grill
CMG
|
+$149M |
| 3 |
Restaurant Brands International
QSR
|
+$61.1M |
| 4 |
Canadian Pacific Kansas City
CP
|
+$11.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 63.73% |
| 2 | Communication Services | 12.91% |
| 3 | Real Estate | 12.09% |
| 4 | Industrials | 11.27% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Chipotle Mexican Grill
CMG
$40.8B
| $2.04B | 18.86% |
47,680,400
-3,778,900
| -7% | -$149M |
|
|
2
Restaurant Brands International
QSR
$25.1B
| $1.81B | 16.73% |
23,348,135
-846,031
| -3% | -$61.1M |
|
|
3
Lowe's Companies
LOW
$116B
| $1.69B | 15.58% |
7,468,850
-2,567,264
| -26% | -$534M |
|
|
4
Hilton Worldwide
HLT
$74B
| $1.36B | 12.56% |
9,332,853
+33,812
| +0.4% | +$4.81M |
|
|
5
Howard Hughes
HHH
$3.93B
| $1.31B | 12.09% |
17,382,169
+614,395
| +4% | +$44.5M |
|
|
6
Canadian Pacific Kansas City
CP
$82B
| $1.22B | 11.27% |
15,095,528
-142,516
| -0.9% | -$11.3M |
|
|
7
Alphabet (Google) Class C
GOOG
$3.9T
| $1.13B | 10.49% |
9,377,195
+1,307,425
| +16% | +$151M |
|
|
8
Alphabet (Google) Class A
GOOGL
$3.91T
| $262M | 2.42% |
2,185,000
| – | – |
|
Similar funds
Pershing Square Capital Management's Q2 2023 Portfolio in Review
As of Q2 2023, Pershing Square Capital Management held 8 positions worth $10.8B, up 5.9% from $10.2B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $555M in Q2 2023, reducing 4 holdings. Its largest reduction was Lowe's Companies, cutting an estimated $534M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 64% of assets, down from 66% a quarter earlier, followed by Communication Services and Real Estate.
Against the trend, Pershing Square Capital Management added an estimated $151M to Alphabet (Google) Class C.
- Pershing Square Capital Management added most to Alphabet (Google) Class C in Q2 2023, an estimated $151M increase.
- Pershing Square Capital Management's biggest Q2 2023 reduction was Lowe's Companies, cutting an estimated $534M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $10.8B portfolio in Q2 2023.
- Pershing Square Capital Management opened 0 new positions and closed 0 in Q2 2023.
- Pershing Square Capital Management's portfolio value rose 5.9% quarter-over-quarter to $10.8B.
Based on Pershing Square Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.